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Oklahoma companies show growth in opening quarter

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Paycom Software Inc.'s headquarters in northwest Oklahoma City. [THE OKLAHOMAN ARCHIVES]
Paycom Software Inc.'s headquarters in northwest Oklahoma City. [THE OKLAHOMAN ARCHIVES]

It was a strong start to 2019 for most of Oklahoma's publicly traded companies.

As markets closed Friday, all but seven companies showed gains in stock prices compared to the end of 2018. However, less than half were in the black compared to this time last year.

Looking back further, only eight companies have higher stock values now than they did at the close of the first quarter 2017.

“It’s been challenging,” said Jake Dollarhide, president of Longbow Asset Management Co. in Tulsa. “Except for the last three quarters of last year, it’s been a tough two or three years.”

Paycom Software Inc., Chesapeake Energy Corp. and NGL Energy Partners LP were the most improved Oklahoma publicly traded companies in the opening quarter 2019. Paycom led the way with a 54 percent increase, gaining $66.68 per share to finish at $189.13.

Oklahoma City-based Paycom provides cloud-based human capital management software. It has not struggled for growth the last two years, increasing stock value 228 percent in that time.

“Paycom just continues to knock it out of the park,” Dollarhide said. “It’s amazing the growth Paycom is seeing.” The second largest increase belonged to Oklahoma City-based Chesapeake Energy Corp. Its shares only increased $1.02, to finish the quarter at $3.10 a share, but that was a 49 percent increase for the quarter.

NGL Energy Partners LP finished third most improved for the quarter, increasing its value 46 percent by gaining $4.44 per share. It closed the quarter at $14.03 per share.

Two energy companies in the top three did not mean every energy company in the state fared as well. The two largest drops in value belonged to Roan Resources and Laredo Petroleum Inc.

“It is unusual to have as many energy companies in the top and as many in the bottom,” Dollarhide said. “It just shows it was an unusual quarter for the Oklahoma energy patch.”

Roan lost 27 percent in value per stock, closing the quarter at $6.11 a share. Laredo lost nearly 15 percent, closing the quarter at $3.09.

“In certainly Laredo’s case, it’s a highly leveraged company,” Dollarhide said. “While it has a heavy oil portfolio, it’s highly leveraged and in a weaker position than a more diversified Devon, for instance. The negative momentum continued into 2019.”

Educational Development Corp. had the third worst drop in value, losing 11 percent while closing at $7.57 per share.

Related Photos
<strong>The Chesapeake Energy Corp. campus is shown in northwest Oklahoma City. [THE OKLAHOMAN ARCHIVES]</strong>

The Chesapeake Energy Corp. campus is shown in northwest Oklahoma City. [THE OKLAHOMAN ARCHIVES]

<figure><img src="//cdn2.newsok.biz/cache/r960-b022c3b55a06883a0443558b65b726bf.jpg" alt="Photo - The Chesapeake Energy Corp. campus is shown in northwest Oklahoma City. [THE OKLAHOMAN ARCHIVES] " title=" The Chesapeake Energy Corp. campus is shown in northwest Oklahoma City. [THE OKLAHOMAN ARCHIVES] "><figcaption> The Chesapeake Energy Corp. campus is shown in northwest Oklahoma City. [THE OKLAHOMAN ARCHIVES] </figcaption></figure><figure><img src="//cdn2.newsok.biz/cache/r960-77e05ece8d1e5f2343144f599b8a8206.jpg" alt="Photo - Paycom Software Inc.'s headquarters in northwest Oklahoma City. [THE OKLAHOMAN ARCHIVES] " title=" Paycom Software Inc.'s headquarters in northwest Oklahoma City. [THE OKLAHOMAN ARCHIVES] "><figcaption> Paycom Software Inc.'s headquarters in northwest Oklahoma City. [THE OKLAHOMAN ARCHIVES] </figcaption></figure>
David Dishman

Business Writer David Dishman has worked as a journalist in Oklahoma since 2014 covering business, education, local government, healthcare and more. He worked as a reporter in southeast Oklahoma before joining the business team at The Oklahoman in... Read more ›

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